Financial Services
POSB opens 41,000 accounts for migrant workers
POSB opens 41,000 accounts for migrant workers
This follows the advisory from the Manpower Ministry to pay salaries electronically.
MAS, SFA, AMTD hand out $6m grant for fintechs
The grant aims to help fintech firms maintain their operations and enable them to innovate further.
OCBC's credit costs to recede after Q1 ‘front-load'
The bank expects to record 100-130bp in cumulative credit costs.
Singapore to elevate hub status with new digital banking regulation
A more flexible Payment Services Act makes it easier for fintechs to apply full operations in Singapore.
MAS bans four individuals for fraud
They will also serve separate prison sentences.
Big three banks fell in Q1 as pandemic persists
Compressed net interest margin and rise in non-performing loans are to be expected, according to analysts.
OCBC's Q1 profit plunges 43% YoY to $698m
Banking and insurance operations suffered tremendous losses.
Do fintechs need better marketing strategies?
Singapore now houses hundreds of fintech companies, ramping up competition.
DBS launches cashless purchasing card for the logistics sector
The DBS P-Card will provide digital solution for payments and collections.
DBS prices first SORA-based floating rate notes
The notes have a notional amount of $20m (US$14m).
Visa and BRI join in fintech startup Nium's latest funding round
The startup aims to focus on product development and acquisitions.
Great Eastern's net profit crashed 90% to $33.9m in Q1
Total weighted sales rose due to growth momentum in Singapore and Malaysia.
UOB's net profit down 19% to $855m in Q1
Total impairment charges skyrocketed 96% to $286m.
Big three banks' impaired loans ratio to rise to 2.5% in 2021
The pandemic’s full brunt won’t set in until later in 2020.
UOB extends $4b in loans to mid-sized enterprises
The bank also tapped MAS SGD Facility to help clients access funds at lower interest rates.
Insurance regulators extend COVID-19 coverage to CCF, CRF patients
Patients may claim hospital cash benefits for a maximum of 14 days.
ARA, JL family office acquire majority stake in crowdfunding platform
This marks ARA’s foray into the fintech scene.
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